The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-05-10
VIRGINIA'S LOAD OF DEBT
THE BRrTISHERS WANT PRINCIPAL
OF S26,S87, 900.

Obligations Representing $7,51 900
Thrown Aside in This Demand-Back
Interest to the Extent of 81 100000
and Promises of the Thumbscrew
Stamp Wanted in Addition.
RICHMOND, May 9.--The Debt Commits
sion held two meetings to-day After the
meeting in the forenoon rumor prevailed
that the two sides were not far apart, and
that settlement was certain, while another
report was that an agreement had been
reached and only awaited full details. This
afternoons session, however, the proceedings
of which have been made public, has re-
suited in final adjournment of the joint
conference without arriving at any settle
ment. Subsequently the Virginia repre-
sentatives held meeting and appointed a
subcommittee to prepare preliminary re-
port on the subject to be submitted to the
General Assembly tomorrow. The full re-
port of the Virginia committee will be made
later.
THREE SESSIONS AT NIGHT.
RICHMOND, VA, May 8, II P. M.-The
subcommittee OF the Virginia debt commits
sioners had three sessions tonight and
dETeSu upon ~ Dt UO UD6
General Assembly tomorrow. From the
report it appears that the last proposition
of the bondholders' representatives was that
they should have principal in the sum of
S26, ,SS7 600 This amount was reached
by deducting from the debt of the State the
Riddleberger bonds held by the State
amounting to SO, 900; the bonds COM
prised in the literary fund amounting to
81, 179, 600; the bonds held by the Board of
I,,Il ,l,. M, I-~I,A Ia al
United States government, 81 300, 900, and
a further deduction Of So, ,629,0 900, being 10
per cent. of the States debts, evidence of
which they claimed had been lost and for
which no demand would be made in the
future.
STILL MORE WANTED.
In addition they demanded in cash from
the State l002, 900, being 40 per cent. of the
60 per cent. of arrearage of interest on the
consols and 10. 40 debts. They also demand
ed that the new bonds should be exempt
from all taxation; that the coupons should
be tax receivable; that all expenses incurred
in connection with the present negotiation
should be paid by the State, and that after
the expiration of 2 years no bonds should be
funded by the State except with the consent
of the council of foreign bondholders. To
these demands the Legislative committee re-
sponded by saying i'll substance that the
propositions named would be rejected.
ANXIOUS TO SETTLE
The committee, however, still anxious to
reach an agreement presented as an ultima
tum proposition that the principal of the
debt be fixed approximately at $25 ,000, 900 to
be capitalized upon terms hereafter to be
| agreed upon and to include all bonds held
by the State, the new bonds to run for fifty
years but to be redeemable at the
1,1aa nf Stota aftavs ta,
years and the question of security to be kept
open for further negotiation. After the re-
| ceipt of this from the Legislative Commit
tee the bondholders' representatives modi-
fed their proposition only so far
as to exclude the bonds held
by the Sinking Fund Commission
| crs Isl, 10000 proposing that such bonds
should share with them their rateable part
| of the nominal interest charge of $500, 600
They further emphatically declared that
| they declined, once for all, any negotiations
| that would involve reduction of the capi-
tai of the consols and 1910 bonds so as to
bring the total amount within S25, 200, 900.
RESOLUTIONS ADOPTED.
Thereupon the Legislative Committee
adopted and forwarded to the English Com
| missioners the following preamble and reSo-
luton:
WHEREAS, The Commission on the part of the
| foreign bondhoIders have stated to this commit
tee that they adhere to the proposition this day
presented by them and have rejected the propo-
sition made by this committee, and declare the
former as their ultimatum, therefore
Resolved, That 1t be communicated to the
commission that in the opinion of the joint CON-
mittee further negotiations will not lead to a
final agreement, and that we feel constrained so
TO report to the General Assembly
The Legislative Committee viii supplement
this with detailed statement which will
embody stenographic reports of the proceed
ings OF all the meetings between the two
commissions.
SIGNS OF AN UPHEAVAL.